Corporate

Company Snapshot

Property: Spanish Mountain Gold Project  
Ownership: 100% Ownership  
Symbol: TSX.V: SPA | OTC: SPAZF  
Location: British Columbia, Canada  
Share Structure: Shares Issued & Outstanding:
Fully Diluted:
372 Million
393 Million
Market Capitalization (as at Sept 30, 2023):          ~ $64 Million  
Management:

Peter Mah, President, CEO & Director
Mathew Lee, Vice-President, Finance
Troy Gill, Vice President, Exploration

   

 

Board of Directors:

Brent Bergeron
Garnet Dawson
Lembit Janes
Christopher Lattanzi
Peter Mah
Richard Orazietti

 

Spanish Mountain's current focus:

  • Enhance project economics and resource with Targeted Studies and Resource Expansion. 

Highlights of PFS results

Current strategy prioritizes the development of the near-surface/ higher-grade multi-million ounce reserve as a standalone operation.  The PFS demonstrates a potential mining operation characterized by robust production profile, low operating cost and modest capital expenditures. The PFS assumes a gold price of US$ 1,600/oz and a silver price of US$ 24/oz.

The following information are excerpts from the Prefeasibility Study NI 43-101 Technical Report, effective date May 10, 2021. A copy can be found on SEDAR and on the Company’s website HERE

Project Economics

  Gold Price (USD)
  Units $1,200 $1,400 $1,600* $1,800 $2,000 $2,200 $2,400
Pre-Tax Economics                
  NPV(5%) C$M $125 $486 $848 $1,209 $1,570 $1,931 $2,293
  IRR % 9% 18% 25% 31% 36% 42% 47%
  Payback Yrs 5.4 4.0 3.2 2.7 2.4 2.1 1.9
Post-tax Economics                
  NPV(5%) C$M $129 $415 $655 $888 $1,119 $1,350 $1,580
  IRR % 9% 16% 22% 27% 31% 36% 39%
  Payback Yrs 5.5 4.0 3.3 2.8 2.5 2.2 2.0

* PFS Base Case

Reserve

The Project’s Mineral Reserves, which are a subset of the M&I Mineral Resources, are based on the mine plan developed for the PFS.  Mineral Reserves are estimated in accordance with the CIM 2019 Best Practices Guidelines and are classified using the 2014 CIM Definition Standards.

  Tonnage (Mt) Au Grade (g/t) Gold (Moz) Ag Grade (g/t) Silver (Moz)
Proven 40.8 0.79 1.03 0.67 0.88
Probable 55.1 0.74 1.31 0.74 1.31
Total P&P Reserve 95.9 0.76 2.34 0.71 2.19

 

Select Operational and Cost Metrics 

  Unit LOM
Avg.
Gold Grade g/t 0.76
Annual Gold Production Koz 150
Annual Silver Production Koz 63
Cash Cost /oz US$ $696
All-in-sustainable Cost/oz US$ $801

 

Project life-of-mine Operating Costs

Mining Area CAD $/t milled
Mining 10.80
Processing and G&A 7.67
Water treatment 0.47
Tailings and Water Management 0.17
Owner’s G&A 0.27
Total 19.38

 

Initial Capital Expenditures

Direct Costs C$M
Overall Site $26
Open Pit Mining $73
Ore Handling $34
Process $125
Tailings and Water Management $40
Environmental Monitoring $2
On-site Infrastructures $42
Off-site Infrastructures $64
Water treatment Plant $10
Total Direct Costs $416
Project Indirects $102
Owner's Costs $14
Contingencies $75
Total $607

 

*See Cautionary Statement

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